New twist in the FTX affair: after being extradited to the United States, Sam Bankman-Fried obtained bail for the sum of 250 million dollars. Two currently unknown people were involved in his provisional release.
250 million dollars for his release
While he was recently extradited from the Bahamas to the United States, Sam Bankman-Fried, founder of FTX, has just been released on bail : a New York judge accepted his release against the modest sum of $250 million. Thus, the man at the head of one of the biggest scandals in the cryptocurrency sector will remain free until his trial.
While his fortune was estimated at $32 billion at the start of the year, the former CEO of the FTX platform had announced that he had only $100,000 available following his bankruptcy. Therefore, part of his deposit was taken care of by his parents, in particular thanks to a house located in California and estimated at $4 millionas well as by two other people described as having a number of assets “ considerable “.
This release, the price of which is disproportionate, was described by the prosecutors as the ” largest bond ever paid before a trial ». For his part, Sam Bankman-Fried is now assigned to live at his parents’ home and is equipped with an electronic monitoring bracelet.
Terms of bail
Whether to avoid prison overcrowding or to ensure the presumption of innocence, bail is commonplace in the United States. According to the Eighth Amendment to the US Constitution, the amount requested by the judge must be in line with the crimes and the means of the accused.
Moreover, the profession of bondsman », an American exception, allows defendants to fund bail through an agent or company. In return, the accused must pay a commission for the service rendered to him. In this way, we can imagine that the two unknown people who financed the release of Sam Bankman-Fried are potentially “ bondsmans “.
The accused is currently facing 8 counts with a possible penalty up to 115 years in prison. The 30-year-old’s next hearing will take place in New York on January 3, 2023, where he will plead his case against the charges against him.
As a reminder, when he was at the head of his empire, the former FTX executive used his clients’ funds to misappropriate them without their consent. He used it mainly for convert them to the cryptocurrency of its platform, the FTT token.
👉 To go further, find our video which summarizes the whole FTX affair in 3 acts:
Source: CNBC
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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